1. (1) A power of appointment may be exercised only:

   1. (a) If the instrument exercising the power is valid under applicable law;

   2. (b) If the terms of the instrument exercising the power:

      1. (I) Manifest the powerholder's intent to exercise the power; and
      2. (II) Subject to section 15-2.5-304, satisfy the requirements of exercise, if any, imposed by the donor; and
   3. (c) To the extent the appointment is a permissible exercise of the power.

Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 776, § 1, effective July 1, 2015.